The Democratic Party in America is confronting a political reality that cannot be dismissed as the latest quarrel between its progressive and centrist wings. Democratic socialist candidates appear increasingly capable of winning primaries, defeating established figures and shaping the economic conversation. The significance lies less in the label “socialist” than in what is driving voters towards it: a growing belief that the American economic system is no longer delivering security to a substantial part of the population.

For younger Americans in particular, the traditional promise that hard work, education and prudent financial decisions will lead to home ownership and a comfortable middle-class life has become less convincing. Housing costs, healthcare expenses, student debt and stagnant purchasing power have altered the economic expectations of a generation. When the system appears to protect accumulated wealth more effectively than it creates new opportunities, radical alternatives appear more attractive. That does not mean most Americans have suddenly rejected capitalism.

They have not.........

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